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BONDS: EGBs-GILTS CASH CLOSE: Bear Steeper Ahead Of Slew Of Cenbank Decisions

BONDS
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European curves bear steepened Tuesday, ahead of a heavy slate of central bank decisions.

  • Core bonds performed well overnight, after further concerns over US tariffs emerged. But a risk-on tone returned to markets with equities rallying in European morning trade, ultimately applying pressure on both Bunds and Gilts.
  • Implied ECB policy rates ticked slightly higher ahead of Thursday's decision, for which a 25bp cut remains nearly 100% priced (MNI's preview was out today, see here)
  • The German belly outperformed its UK counterpart, but underperformed throughout most of the rest of the curve.  
  • Periphery/semi-core EGB spreads closed tighter. However, BTP spreads reversed most of the session's earlier tightening on news that Italy PM Meloni was under investigation in a case relating to the repatriation of a Libyan police officer.
  • Wednesday's calendar includes a policy address by UK Chancellor Reeves and Spanish GDP, with attention on global central bank decisions (BOC, Riksbank, Federal Reserve) ahead of the ECB Thursday.

Closing Yields / 10-Yr EGB Spreads To Germany

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European curves bear steepened Tuesday, ahead of a heavy slate of central bank decisions.

  • Core bonds performed well overnight, after further concerns over US tariffs emerged. But a risk-on tone returned to markets with equities rallying in European morning trade, ultimately applying pressure on both Bunds and Gilts.
  • Implied ECB policy rates ticked slightly higher ahead of Thursday's decision, for which a 25bp cut remains nearly 100% priced (MNI's preview was out today, see here)
  • The German belly outperformed its UK counterpart, but underperformed throughout most of the rest of the curve.  
  • Periphery/semi-core EGB spreads closed tighter. However, BTP spreads reversed most of the session's earlier tightening on news that Italy PM Meloni was under investigation in a case relating to the repatriation of a Libyan police officer.
  • Wednesday's calendar includes a policy address by UK Chancellor Reeves and Spanish GDP, with attention on global central bank decisions (BOC, Riksbank, Federal Reserve) ahead of the ECB Thursday.

Closing Yields / 10-Yr EGB Spreads To Germany

Keep reading...Show less